Home News report newcastle united takeover could be completed within the next 48 hours

Report: Newcastle United takeover could be completed within the next 48 hours

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Amanda Staveley

The Guardian reported yesterday that the £300 million takeover of Newcastle United is expected to be completed within the next seven to ten days.

However, it seems that the Premier League is likely to give their thumbs up for the deal to go ahead this week.

According to reports from The Shields Gazzette, the Magpies could be under the new ownership by the end of this week, while the formal announcement could be made as early as tomorrow.

Financier Amanda Staveley, backed by Saudi Arabia’s Public Investment Fund and the billionaire property investors David and Simon Reuben, have already agreed to a £300 million deal to buy Newcastle.

It has been claimed that The Public Investment Fund group have already submitted a £17m non-refundable deposit to Mike Ashley, while the remaining amount will be paid once Premier League gives them the thumbs up for the takeover to go through.

George Caulkin of The Athletic has clarified on social networking site Twitter that there is a possibility that the announcement could be made within the next 24-48 hours if things get completed today regarding the tests.

However, the highly reliable journalist has also claimed that it is just a possibility and not definitive.

The Newcastle takeover backed by the Saudi fund has inched closer to completion on Tuesday as documentation lodged with Companies House revealed that Bander bin Mogren, the chief operating officer of Saudi’s Public Investment Fund (PIF), was added as the director of NCUK Investment Ltd on 9 April.

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